BYJU'S, an edtech business, has recruited Ajay Goel as its chief financial officer (CFO), with the goal of strengthening the company's financial operations and achieving profitability despite a slew of issues.

Goel, who has worked with firms such as Vedanta, GE, Coca-Cola, and Nestle, would be in charge of BYJU's financial strategy and management.

"Goel is the right choice to take on the post of Chief Financial Officer as we continue to chart the road of sustainable growth in this exciting new phase," stated Byju Raveendran, Founder and CEO of BYJU'S.

On strategy development, capital planning, and financial analysis, Goel will collaborate closely with the founders and senior executives.

The business has already missed its March 2023 target date for achieving group-level profitability, as stated in its results report in October of last year.

As a blow for BYJU's, New York-based investment firm BlackRock lowered the valuation of edtech behemoth BYJU's to $11.15 billion in a confidential assessment last month, down from the $22 billion valuation that the business continues referring to.

"BYJU's is the most valuable startup in India. If additional investors follow BlackRock's lead, this might result in the first big downgrading of an Indian decacorn since Flipkart in 2016 "According to The Arc, which cited the documents.

In 2020, BlackRock entered the edtech giant's capitalization at a $12 billion valuation. Its shareholding is less than 1%.

Although it struggles to repay a $1.2 billion term loan and turn profitable in 2023, BYJU's is in advanced stages of raising $250 million at a flat valuation.

The most recent round of fundraising is in the "final stages of negotiation and will be closed soon within a few weeks."

As part of its reorganisation and cost-cutting efforts, the edtech firm is also winding down coding platform WhiteHat Junior, which it purchased for $300 million.